Amid growing concern amongst the UK’s large self-employed population about the impact of Covid 19, last week the Government announced details of a support package. In this report we examine the details.  

Coronavirus Self-Employment Income Support Scheme

What is it?

This scheme provides

As large numbers of people now find themselves unable to work, and large numbers of employers struggle to meet their Payroll commitments, in this report we examine the Government’s measures aimed at assisting staff retention.

Coronavirus Job Retention Scheme and Furlough Leave

What is it?

This

As a result of Covid 19, all businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time to Pay service. In this report we examine what this means in practice.

When to make

In this second of our reports in respect of the Government’s response to Covid 19, we look at the automatic deferral of tax payments to HMRC which will be of interest to all taxpayers.

Automatic Deferral of Tax Payments

The Government will support businesses by deferring certain tax payments

The Government has set out a package of measures to support individuals and businesses through the period of disruption caused by COVID-19.  During the course of this week, we will be posting a series of Insights in which we examine those measures and, in order to help you decipher them, add our

Expected changes to have a significant impact for UK resident taxpayers!

Significant changes to capital gains tax for UK resident tax payers on the disposal of UK residential property have been announced.  They take effect from 6 April 2020 and will have a substantial impact for:

• The payment

With the UK Government and HMRC continuing to take a robust approach to tax investigation, with a view to collecting significant additional tax revenue, HMRC’s powers to inspect and request information and documents about your personal financial affairs and business interests have never been

As the UK tax year draws to a close, as a resident foreigner, it’s a good time to review your tax residence status to ensure you’ve met and will continue to meet the requirements of the Statutory Residence Test (SRT) as part of your tax planning.  In this post, we consider the main provisions of

As part of your tax planning, your business may be able to take advantage of a number of tax reliefs and allowances. In this latest post in our series on end of year tax planning, we look at some of the main schemes that you may wish to consider. 

Capital expenditure

Annual Investment Allowance